Sherburne-Earlville Central School District – Fund Balance (2017M-19)

Issued Date
March 10, 2017

Purpose of Budget Review

The purpose of our audit was to review the District's financial management practices for the period July 1, 2015 through November 8, 2016.

Background

The Sherburne-Earlville Central School District is located in 11 towns in Chenango and Madison Counties. The District, which operates three schools with approximately 1,300 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2016-17 fiscal year total approximately $33.3 million.

Key Finding

  • The District's unrestricted fund balance for the 2013-14, 2014-15 and 2015-16 fiscal years exceeded the statutory maximum of 4 percent of the ensuing year’s appropriations.

Key Recommendation

  • Develop a plan to reduce the amount of available fund balance in a manner that benefits District residents.